Debt Management Tips for One-Income Living

A Credit Article Contributed by Brandie King

Debt Management Tips for One-Income Living

Whether you are a single parent or a stay-at-home mom or dad, these debt management tips will help to keep you from going crazy.

Debt Management Tip #1: Keep an Eye on Your Purchases

Over the course of one month keep a VERY detailed list of every single penny you spend, from your rent or mortgage payment and utilities to small things like buying a newspaper or cup of coffee to trips to the movie theater or local Blockbuster. You might be surprised by what you are really spending your money on and realize that there are quite a few things that you could cut out or reduce the cost of.

Debt Management Tip #2: Food Choices

Take a long hard look at the meals that you prepare for your family. Could they be fixed in different ways that would allow you to cut back on your grocery bill? Try making your shopping list based on the sales flyers at your local grocery stores. Never let leftovers go to waste. Buy a book such as Frozen Assets (http://members.aol.com/DSimple/advance.html) to learn about the concept of freezer cooking. Have your children and you, or your working spouse if you have one, carry your lunches instead of buying them at school or work.

Debt Management Tip #3: Get out of Debt and Stay That Way

The best way to learn how to get out of debt is to consult a certified financial planner. Make sure that before you start working with one you thoroughly investigate them and verify that they are in fact certified. Financial planners can evaluate your current budget, spending habits, and debts and help you come up with a workable plan for getting out of debt.

Debt Management Tip #4: Christmas Holidays

To help keep costs down during the Christmas holidays you can buy gifts at yard and garage sales and thrift stores. You can also give hand-made gifts. Watch for before and after Christmas sales when stores usually have sales in an attempt to unload some of their merchandise. Shop for gifts all throughout the year to spread the cost out and watch for sales at the same time.

Debt Management Tip #5: Learn Basic Home Maintenance and Repair Techniques

Buy books or take classes at local stores such as Home Depot or Lowes to learn about ways that you can do simple home maintenance and repair yourself instead of hiring somebody to do it for you. Home Depot and Lowes offers classes that you can take for free.

Debt Management Tip #6: Resources for Further Learning

Simple Times Email Newsletter http://members.aol.com/DSimple/times.html

Do a search on Amazon.com for the following books: "Frugal Living For Dummies" - "The Complete Tightwad Gazette" - "Living More With Less" - "Miserly Meals" - "The Complete Cheapskate: How to Get Out of Debt, Stay Out, and Break Free from Money Worries Forever" - "Debt-Proof Living"

Websites

- The Dollar Stretcher http://www.stretcher.com/

- Miserly Moms http://www.miserlymoms.com/

- Money Minded